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(Z3) Bear Cycle Still In Play

AUSSIE 3-YEAR TECHS
  • RES 3: 97.380 - High Mar 21 and a major resistance (cont)
  • RES 2: 97.190 - High May 5 (cont)
  • RES 1: 96.340/96.670 - High Aug 9 and Sep 4 / High Jun 2
  • PRICE: 95.830 @ 15:26 BST Sep 28
  • SUP 1: 95.730 - Low Jul 7 / 10
  • SUP 2: 95.541 - 2.618 proj of the Mar 21 - May 2 - May 5 price swing
  • SUP 3: 95.300 - 3.00 proj of the Mar 21 - May 2 - May 5 price swing

Aussie 3yr futures continue to trade below the early Sep highs. The contract has recently traded lower and in the process breached support at 95.970, the Jul 26 low (cont) and the base of a recent range. Clearance of this level strengthens a bearish theme and highlights potential for a move towards 95.730, the Jul 7 / 10 low. Key resistance and the top of the range is at 96.340, Aug 9 / Sep 4 high. A break would be a bullish development.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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